Aurora Cannabis closes bought deal financing, yielding CA$38.8 million

Ranks of women, minority cannabis execs rebound to pre-pandemic levels, according to the latest data from the MJBiz Diversity, Inclusion and Equity Report. Get your copy here.

Canadian producer Aurora Cannabis received gross proceeds of 38.8 million Canadian dollars ($28.3 million) from a bought deal offering after the underwriters’ over-allotment option was fully exercised.

Aurora said in a news release it intends to use most of the net proceeds to repay the remaining balance of the company’s convertible notes at or before maturity, which amounts to roughly CA$34 million.

By repaying the remaining convertible debt balance, Aurora said it will save almost CA$2 million in annual interest payments.

Edmonton, Alberta-based Aurora sold roughly 53 million common shares at a price of CA$0.73 per security.

Aurora said the gross proceeds include the exercise of the over-allotment option by Canaccord Genuity, an investment bank and research firm, to purchase 6,937,500 additional common shares.

Aurora said it has approximately CA$227 million of total cash available.

Shares of Aurora trade as ACB on the Nasdaq and Toronto Stock Exchange.